My 2c.
Even if you have a "regular" plan, you can switch to the "direct" plan. If your holding in any fund is more than 2L, I suggest switching to the direct plan. You will save approx Rs 1000 a year for just a tick mark on a form. 
I also agree that PPFAS is still a good fund. Am holding it since inception. The fund has a process and it is still being followed. Besides, it is one of the only diversified funds that can invest in foreign stocks (up to 30%) and it does.
And finally, picking a mutual fund is one of the most difficult tasks. It is like Mr Buffet's rear-view driving. You buy based on history but the history is created by the stocks chosen by A fund manager. Now in the future, both the stocks and the fund manager can change (see IDFC where Mr Andrade just quit). So all you can do is hope that things go off well in the future. When you buy a stock, then it remains the same and the management (especially promoters) rarely change.
One thing I have learned is to look at the AUM. It is generally believed that very large AUMs can be a drag on performance. This hasn't been proven 100% of the time but realistically, the fund has less wiggle room as the AUM grows.
All the best.